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Yes.
LM, how do you reach the figures you mention?
Thanks thats helpful...so it could be 2 or 3...
Lest we forget the seven children of Solgold.
Rk, you may well be right. If so, it'll be interesting to see how BHP/ others react - unless of course they are in the loop and are fully supportive.
Did you ask if they’re going to franchise out the bakery? Smallacorns might be onto something. I’ll like to buy a franchise for Dubai!
I've emailed Fawzi requesting an explanation...I won't be holding my breath...
I believe there is nothing sinister about this EGM but I don't think its smart for the company to only make the previous and revised announcements through SEDAR, even though it is a requirement in Canada.
In any case the Agenda will have to be announced 21 days (14?) beforehand...
So while there is wild speculation my own belief is that it could be for one or more of the following reasons:
1 To increase the Authorised Share Capital
As at 30 June 2021 this was 783, shares. With 2,293,816,433 in issue that only leaves 783,385,289 shares available for issue, which at say 30p would raise a maximum of £235m...
I'm pretty sure there will be a significantly bigger equity element in the Cascabel financing, but anyhow...
We all agree that the Co will need to issue further equity up to or beyond 30 June to get the DFS done and for further drilling...surely a minimum of $100m...
2 To authorise the issue of securities on a North American exchange e.g. Nasdaq
3 To secure the authority to issue Convertible Securities as required for the Cascabel financing
"With regard to the section "Convertible securities or loan stock" there is a requirement under s549(1)(b) for authority to allot where there is an issue of loan stock or other security which are convertible into shares."
And there could be a notice similar to this below...
"Further to the Company's announcements regarding a proposed EGM to be held on 30 June the Directors announce that it is their intention to seek approval for a Convertible Bond Offering on xxx, and that it will today publish and post (or otherwise make available) to shareholders a Notice of Extraordinary General Meeting with related explanatory circular (together the "EGM Notice and Circular"). The EGM Notice and Circular contains resolutions to approve the allotment and issue of Ordinary Shares on a non pre-emptive basis for the purpose of settling conversions of the Bonds , which will be put to shareholders at an extraordinary general meeting of the Company (the "EGM")."
Or similar...
In conclusion I believe the EGM will be for the purpose of approving North American securities and to increase the Authorised Share Capital...
AIMO....comments welcome...
14 days notice required for an EGM. Shareholders are getting considerable prior notice. I’d expect notice of the EGM to be served in the next few days to minimise any uncertainty. My immediate hunch is that any director embroiled in the fraud controversy would have resigned to avoid EGM embarrassment, unless they are disputing their culpability? So I’m hoping it’s re Alpala JV or other potentially fundamental investment or financial proposal.
Putting the whole Board up for election before the AGM, when they have promised to do it, would be a very dangerous move IMHO...and I say again, Ayten surely wouldn't have agreed to join if it was something like that...
Wouldn't need an EGM rot remove a Director for disciplinary reasons DBW...but Nick could call an EGM if he was unhappy about the way things are going...
Great board today different options a pleasant discussion ,it's certainly got us all excited here's gla.
BHP may have called an EGM...
"Directors' power to call general meetings
The directors of a company may call a general meeting of the company.
303Members' power to require directors to call general meeting
(1)The members of a company may require the directors to call a general meeting of the company.
(2)The directors are required to call a general meeting once the company has received requests to do so from—
(a)members representing at least the required percentage of such of the paid-up capital of the company as carries the right of voting at general meetings of the company (excluding any paid-up capital held as treasury shares); or
(b)in the case of a company not having a share capital, members who represent at least the required percentage of the total voting rights of all the members having a right to vote at general meetings.
(3)The required percentage is 10%..."
If it was something as massively strategic as a J/V, do you think Ayten would have joined the company, knowing that an EGM for that purpose had been called...doesn't make sense...
Thanks Almost...I made a tidy sum the last time there was a a metals boom from 2008/2010...
Its been a long time coming but this could be the biggest since 2001/2005...
FTJNY… nor do I
They have been banging on about more exposure to the North American markets recently , so perhaps a re jigging of the many parts and a new listing…. maybe something related to the mining journal article in April …..who knows???
Either way exciting times we’re clearly in what appears to be a new uptrend with someone desperate for stock … what’s not to like ??
DBW
I don’t think the EGM has been called because of the misappropriation of funds as the original SEDAR notice for the EGM was issued on 29th April which was about 2 weeks before the misappropriation was published so IMO the timeline doesn’t quite fit
LM, you make a very good point about the notification process.
It seems very odd indeed that the company made no mention of it to the bulk of their retail investors ie those of us in the UK. And we're it not for the eagle eye of someone on here we'd be none the wiser.
This is, by definition, something 'extraordinary' and despite the fact it's been out there since 29th April, the company has told us feck all. I had hoped that the days of keeping us in the dark were long gone...it seems I was wrong.
Not sure how happy i am about this EGM, probably given the fact that we've seen nothing from the company confirming an agenda nor any requisition notice from a disgruntled shareholder.
It would be remiss to rule anything out but i think it's unlikely to be of a bid nature. I just dont think there's been enough accumulation and i can't see why someone wouldn't want to milk the closing auction for a while longer before offering some sort of premium in a tender offer type arrangement.
What does a spin off of Cascabel achieve given that shareholdings in NewCo would be pro-rata'd? Also, would expect that board composition could be a problem there.
I'm sure more will come to light. Don't delay SOLG we've got a 3 day week upcoming!
Surprised at the notification process. Why not give notice on Friday by RNS for London and SEDAR for Canada at the same time. Assume the notice will come by RNS tomorrow morning.
Don't think it's anything to do with a bid for the whole company. We'd have had an RNS telling us bid received and I would expect a tender process with prospectus etc etc. I wouldn't expect the company itself to call an EGM in relation to a takeover bid received.
Whilst I want to get excited here, I'm just hoping whatever it is doesn't involve a large dilutive equity issue, which will be strongly supported by major institutional holders and just dilute us PIs down.
Looking forward to tomorrow morning and an RNS.
Loving the tone of the Solg board this weekend, none of the usual tosh and just really good opinions being well respected on the 'what ifs'. Great posts... C
Morning all l.t.h’s can we rule out its anything to do with the bakery:)
Morning Bubbles. Exciting times matey - only 31 more sleeps to go!!
Damers ,we live in hope !!:(:)